kallend 1,622 #1 January 1, 2013 finance.yahoo.com/news/why-shouldnt-die-2013-163217144.html Jus' sayin'.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
cvfd1399 0 #2 January 1, 2013 I still don't understand how we have a death tax. I can understand if some of the estate is things that were going to be taxed if the living would have withdrawn it anyways, that should receive its normal rate like retirement accounts etc. How can things like cash money in the bank, vehicles, and homes etc be taxed again, isn't that double, triple taxation? Quote Share this post Link to post Share on other sites
Gravitymaster 0 #3 January 1, 2013 I'll try not to die in 2013. Quote Share this post Link to post Share on other sites
Andy9o8 0 #4 January 1, 2013 QuoteI still don't understand how we have a death tax. The modern US Federal Estate Tax has existed since 1916. State inheritance taxes started to come into vogue around the same time. Between then and now, there have been plenty of GOP-majority houses of Congress and state legislatures, and plenty of GOP Presidents and state governors. If the Republicans truly wanted estate and inheritance taxes to go away, they've had plenty of opportunity to make that happen over that past century. Quote Share this post Link to post Share on other sites
cvfd1399 0 #5 January 1, 2013 Why are you pointing out the GOP on this? You know what never mind it isn't about who done this or that, it's why it's there to begin with, and how did Americans let it stay there. Quote Share this post Link to post Share on other sites
frefallguy 0 #6 January 2, 2013 Yunque - He pointed out the GOP because the Dems most certainly aren't going to do anything to get rid of any sort of death/inheritance tax. Quote Share this post Link to post Share on other sites
Andy9o8 0 #7 January 2, 2013 QuoteYunque - He pointed out the GOP because the Dems most certainly aren't going to do anything to get rid of any sort of death/inheritance tax. Actually, it was more that if one is going to point the finger of blame, don't point it only at the Dems; it's all the powers-that-be, very much including the Repubs, who are responsible for both federal and state estate/inheritance tax laws. Quote Share this post Link to post Share on other sites
cvfd1399 0 #8 January 2, 2013 What's fucked up is I never mentioned anything about a party! I just questioned why we have a death tax, you immediately went into GOP bash mode, unbelievable.... Quote Share this post Link to post Share on other sites
Andy9o8 0 #9 January 2, 2013 QuoteWhat's fucked up is I never mentioned anything about a party! I just questioned why we have a death tax, you immediately went into GOP bash mode, unbelievable.... I wasn't bashing anyone; I was preempting those who might have been inclined to bash only the Dems for this. Sorry if my point was too subtle for you. Quote Share this post Link to post Share on other sites
funjumper101 15 #10 January 2, 2013 Estate taxes are nothing more than capital gains taxes that are applied to assets after they have moved on to new owners. Most estates that are subject to such taxes are comprised of assets that have been held for a fair period of time. The capital gains (estate tax) applies as those assets are sold or disbursed to new owners. Why would a tax NOT apply when assets are distributed to new owners? Quote Share this post Link to post Share on other sites
kallend 1,622 #11 January 2, 2013 QuoteI still don't understand how we have a death tax. There's no death tax. There's a tax on unearned inheritances, with a very large exemption.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
champu 1 #12 January 2, 2013 QuoteEstate taxes are nothing more than capital gains taxes that are applied to assets after they have moved on to new owners. Most estates that are subject to such taxes are comprised of assets that have been held for a fair period of time. The capital gains (estate tax) applies as those assets are sold or disbursed to new owners. Why would a tax NOT apply when assets are distributed to new owners? I think an argument could be made for the heir(s) to pay taxes on the cost basis of the inherited estate and capital gains on any asset once those gains were realized, but treating it like a capital gains tax forces the heirs to either realize the gains (liquidize the estate) or go into debt (to a bank) to pay the levied taxes. Alternatively, they could establish corporations or trusts to avoid having the assets be subject to the estate tax in the first place. In other words you either sell under duress to a corporation and give a substantial chunk to the government, you go into debt with a corporation and give the money to the government, or you circumvent the whole thing. I don't consider applying pressure to assets to drive them into the hands of corporations and the government to be a noble goal. And I don't think creating yet more tax devices that are easier to get around the more assets you're working with is the desired result. In terms of it being "just another revenue stream" it's not a very good one in the long term. Congress keeps screwing with it so you'll see spikes up and down with the revenue it generates. If it's configured to affect a lot of people / small businesses and left that way you'll see the revenue erode as people will be able to accurately predict its affects and plan around it. Some, I'm convinced, simply like to see an estate tax used as a tool to make establishing a family that's economically strong generation after generation as Sisyphean as possible, and I'm not sure what their motivation is. Quote Share this post Link to post Share on other sites
Skwrl 56 #13 January 2, 2013 QuoteQuoteI still don't understand how we have a death tax. There's no death tax. There's a tax on unearned inheritances, with a very large exemption. As a guy who got an LL.M. in tax (but now does licensing law), I can promise you that your statement is too broad. Properly worded, it should read "there's a tax on unearned inheritances, when the deceased had poor tax planning during his or her lifetime (or died before the plan was fully executed)."Skwrl Productions - Wingsuit Photography Northeast Bird School - Chief Logistics Guy and Video Dork Quote Share this post Link to post Share on other sites
kallend 1,622 #14 January 2, 2013 QuoteQuoteQuoteI still don't understand how we have a death tax. There's no death tax. There's a tax on unearned inheritances, with a very large exemption. As a guy who got an LL.M. in tax (but now does licensing law), I can promise you that your statement is too broad. Properly worded, it should read "there's a tax on unearned inheritances, when the deceased had poor tax planning during his or her lifetime (or died before the plan was fully executed)." Yes, the wealthy once again bought laws for their own benefit.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
